What You Need to Know About Ethereum Price Movement
If you are following the price movement of Ethereum, here are some key points to consider:
Ethereum Price Dips Again
When the price of Ethereum attempted to rise above the $3,650 resistance zone, it was met with resistance. The price briefly spiked above $3,700 but quickly started to decline. This resulted in a sharp drop below the $3,660 and $3,650 levels.
- A low was established near $3,565, and the price is currently consolidating its losses.
- Ethereum is now trading below $3,650 and the 100-hourly Simple Moving Average.
- If there is a potential increase or a recovery wave, the price may encounter resistance near the 23.6% Fib retracement level.
- The first significant resistance level is at around $3,640.
More Losses In ETH?
If Ethereum fails to surpass the $3,650 resistance level, it could face further downside movement. Here are some levels to watch:
- Initial support on the downside is near $3,550.
- The next major support level is around $3,520.
- The main support level is at $3,500, and a clear break below this could signal a move towards $3,320.
- Further losses may lead the price towards the $3,250 level in the short term.
Technical Indicators
When analyzing the technical indicators for Ethereum, consider the following:
- Hourly MACD: The MACD for ETH/USD is showing momentum in the bearish zone.
- Hourly RSI: The RSI for ETH/USD is currently below the 50 zone.
Overall, Ethereum is facing some resistance levels that need to be overcome to indicate a potential upward movement. Keep an eye on the key support and resistance levels to gauge the future price action of Ethereum.
Hot Take: Stay Informed and Stay Ahead in the Crypto Market
As a savvy crypto investor, it’s crucial to stay informed about the latest price movements and trends in the market. By closely monitoring key levels and technical indicators like MACD and RSI, you can make more informed trading decisions. Stay ahead of the curve by staying updated on Ethereum’s price movements and be prepared for any potential market shifts. Happy trading!
By
By
By
By